The U.S. housing finance market has not yet recovered from the housing price bubble that peaked in late 2006. Even though prices have fallen significantly, there are still problems in clearing the market. For the last few years, a group of financial economists and practitioners who are part of...

This paper presents novel evidence that a geographically based style matters for the design of financial contracts, in addition to more traditional ingredients. We analyze cash flow contingencies included in 1,804 private equity contracts between U.S. venture capitalists (VCs) and U.S. startup...